Sunbury townhouses and units back in favour with investors, sales from $320,000 to $365,000
THE demand for smaller dwellings has begun to pick up in Sunbury after an election tied into a negative gearing debate, according to a local agent.
Barry Plant Sunbury’s Daniel Abt said interest from investors in units and townhouses had dropped off for the federal election and during the winter months.
“But now that the election has come and gone and the dust has settled about the negative gearing issue, the demand for units and townhouses is back on the rise,” Mr Abt said.
Mr Abt said investors and some downsizers who have held off buying previously were now happy to put their money into units and townhouses again.
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Mr Abt sold the three dwellings in a boutique unit and townhouse development at 5 Henty Court.
“The two-bedroom units at numbers 2 and 3 were snapped up by investors for $320,000 each,” he said.
The four-bedroom street-facing townhouse at 1/5 Henty Court sold to owner-occupiers for $365,000.
It had been leased out for $340 per week and was in as new condition, Mr Abt said.
Demand was also rising for homes in the area off Stuart’s Lane near the Strathern Glen estate and St Anne’s primary school, according to Mr Abt.
“Our agency sold five properties in this family-oriented pocket in the past few months,” he said.
The most recent sale in the area was at 16 Renton Court.
The four-bedroom house was on the market for two weeks before it sold to buyers from Queensland for $545,000.
“They liked the area’s relaxed feel, proximity to schools and bus services, and the size of the home,” Mr Abt said.
A buyer from Keilor Downs paid $430,000 for a three-bedroom house at 6 Sweep Court that was on the market for less than a week.
The vendors, who were relocating overseas, were “ecstatic” when their home sold so quickly and for such a good price, Mr Abt said.
“It met a need in the market at that point in time and it was a well-maintained turn-the-key and turn-on-the-kettle type home,” he said.
The number of buyers from out-of-town are also on the rise, according to Mr Abt.
“The last four properties I sold were to buyers from Keilor, Queensland, St Albans and Taylors Lakes,” he said.
“They are coming to Sunbury for the value-for-money as they know a dollar goes a long way here.”
A first-home buyer from St Albans saw value in the three-bedroom house on a 673sq m block at 259 Elizabeth Drive and snapped it up after the first open-house inspection for $380,000.
Red Creek Real Estate’s Wendi Turner said the property was on the market for about 10 days.
“As the volume of listings remains low in Sunbury, we are seeing multiple buyers at opens and homes are selling very quickly at above asking prices,” Ms Turner said.